Rent for small flats in Prague fell by more than 15 percent

The average price of renting a 2+KK flat in Prague has seen a year-on-year decrease by 15.9 percent in the first quarter of 2020. Meanwhile, the cost to rent a 1+KK fell by 16 percent and the cost of a 3+KK flat went down by 20 percent, data for the same period from property website Ulovdomov.cz shows.

A decrease in the cost of renting flats was also noticable in the other major Czech cities. In Brno, rent fell by 2.9 percent, in Ostrava by 9.5 percent and in Plzen by 8.7 percent.

The director of UlovDomov.cz, Martin Březina, says that the likely reason behind the significantly higher price fall in Prague is that the capital was more affected by the sudden influx of AirBnb properties onto the long-term rent market during the pandemic.